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The digital investments arm of Allianz Group has been a strategic investor in the Berlin-based InsurTech since 2016. -
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It is the second acquisition under the leadership of new CEO of France Nicolas Aubert.
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Plus all the top news from the Monte Carlo Rendez-Vous and this week’s exclusive executive moves.
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Westfield will take on 2021 and 2022 as part of the agreement, but it is not yet clear if 2020 will be included in a legacy deal Argo struck this year for 2018 and 2019 in the run-up to sale.
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Goldman Sachs has reapproached potential bidders as the Bermudian moves rapidly following the recent legacy deal and divestiture.
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CCR is being advised by investment banks Credit Suisse and Messier, as it explores options to bring in fresh capital.
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The industry veteran was named EVP and head of international insurance by the US carrier.
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The deal price represents 1.16x tangible book value.
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The deal is Cinven’s third recent P&C insurance investment.
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Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP.
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The move follows the launch of the group’s consolidated retail and London market segments.
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